@Ted KleinI believe there will be some debate about this topic.My position (until proven wrong) is that the duplex is one property, and you can count the date of purchase as the date of service for the entire property.Warning: it still does not allow you to just deduct the entire rehab.

Not the end of the world as long as you recognize it. 

I obtained the elevation certificate, but so far haven't had luck in re-quoting anyone who recognizes the elevation cert in hopes to lower the premium. 

@Kyle Ward in cities such as; Portland, Seattle, Los Angeles, Denver as you and @Patricia Steiner mentioned cash does not mean discount since a majority of these properties can be financed.Yes, while people are willing to accept lower returns at this in these markets they recognize the appreciation opportunities that come along with the purchase.

The opportunity recently came across my desk, and I’m really considering it but have no prior experience to go with.The Board of Directors has a proven track record with a previous bank that was acquired and from what I can see they’re all fairly heavily invested in the new venture as well (skin in game).Does this cause or raise any IRS/tax related issues that I should be aware of?

Good deals don't go on the MLS and sit there for months waiting for someone to recognize them.

The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities  and,2. 

@Ned Carey my experience in commercial real estate (day job) has proven over and over that you have to double check everyone's work regardless of what certificate/license/etc they hold.

In 5 years, I am confident you won't recognize where you are when driving down Old Stage Rd south of the new I-540 southern loop.

The advantage with the Fannie Mae is that you can get rid of mortgage insurance once its proven that you have 20% equity, which you may have once the rehab is complete.